Air Methods Announces 3rd Quarter Financial Results
Fully-Diluted EPS for First Nine Months of 2000 Exceeds Full Year 1999 by 19%
Fully-Diluted EPS for Quarter Up 38%; $0.22 vs. $0.16
DENVER, Nov. 8 /PRNewswire/ -- Air Methods Corporation (Nasdaq: AIRM - news) reported revenue and net income for the third quarter and nine months ended September 30, 2000. Both revenue and net income represent all-time highs for a third quarter and nine-month period.
For the quarter, revenue increased 46% to $21.9 million compared to $15.0 million in the prior year quarter, and net income increased 41% to $1.9 million or $0.22 per share compared to net income of $1.3 million or $0.16 per share in the prior year period. In addition, earnings before interest expense, income taxes, depreciation and amortization (EBITDA) for the quarter increased 20% from $3.2 million to $3.8 million.
For the nine months, revenue increased 32% to $56.0 million compared to $42.4 million for the prior year period, and net income increased 54% to $4.3 million or $0.52 per basic share and $0.50 per diluted share compared to $2.8 million or $0.34 per basic and diluted share in the year ago period. For the nine months, EBITDA increased 23% from $8.1 million to $10.0 million. Trailing twelve-month basic and diluted earnings per share was $0.60 and $0.58, respectively, as of September 30, 2000.
George Belsey, Chairman and CEO, said, ``The continuation of our strong financial results in 2000 has been achieved through strong performance from all three operating divisions. Mercy Air Service, Inc. and the Products Division generated increased revenue and divisional net income as compared with the prior year quarter. ARCH Air Medical Service, Inc. acquired by Mercy Air in late April of this year, continued to post strong financial results during the third quarter, generating an additional $657,000 in divisional net earnings.
``Given that Air Methods has already generated net income during the first nine months which exceeds results for all of 1999 by 24%, we are highly confident that our goal of 25% annual growth in net income for 2000 will be significantly surpassed,'' said Belsey.
Third Quarter Highlights:
-- Mercy Air: Mercy Air's consolidated revenue increased 87% to
$11.1 million from $5.9 million, and segment net income increased 21%
to $1.2 million. The increase in earnings was attributed to the
addition of ARCH, offset in part by higher aircraft maintenance
expenses for Mercy Air's fleet, which increased $317,000 compared with
the prior year quarter. Excluding the impact of ARCH, Mercy Air's
revenue grew 5.7% to $6.2 million.
-- Air Medical Services: Air Medical Services revenue increased by over
8.7% compared to the year ago quarter due to increased flight volume
from a greater number of contracts and a $330,000 gain on disposition
of an aircraft. Divisional net profit decreased by 4.9% to $928,000.
The decrease in divisional net profit was attributed to an increase in
aircraft maintenance expenses by $458,000, offset in part by the gain
on aircraft disposition.
-- Products Division: Excluding internal sales, the Products Division
revenue increased 134% to $1.9 million. Divisional net income
increased to $472,000 compared to $126,000 in the prior year quarter.
The division benefited from numerous new contracts to manufacture and
install modular, multi-functional interiors for commercial operators
as well as continuation of an existing contract to develop a Spinal
Cord Injury Transport System for the U.S. Air Force.
``The continued success from the acquisitions and organic expansion of our community-based operations provides increased confirmation that the Company's strategy to aggressively grow this model is appropriate,'' said Mr. Belsey. ``Through expansion of this model, growth of our manufacturing product lines, and steady cash flows from the Air Medical Services Division the Company is well-positioned to continue strong growth into the future.'' |
